|By Steve Green, Las Vegas
SunMcClatchy-Tribune Regional News
May 09, 2011--The Las Vegas Hilton on Friday said business picked up during the first quarter at its hotel, but it posted another loss on weakness in its casino business.
Colony Resorts LVH Acquisitions LLC, owner of the 2,950-room Paradise Road property, said it lost $3.3 million in the quarter ended March 31, a deterioration from the $2 million lost in the same quarter of 2010.
Net revenue of $52 million was down from $54 million.
Room revenue, the biggest part of the property's business, rose from $20.8 million to $23.5 million as the average daily rate increased. The average rate for the quarter was not disclosed.
Food and beverage revenue rose from $16 million to $17 million as the hotel catered to more convention guests in the quarter.
But casino revenue tumbled 24.6 percent from $19.6 million to $14.8 million as gamblers played lucky on table games while activity on the slot machines and at the sports book slowed down.
"The downturn in the economy has reduced the amount wagered by slot guests during the first quarter ended March 31, 2011, compared to the first quarter ended March 31, 2010," the company said in its financial report.
"The race and sports book volume was lower due to certain race and sports book guests who wagered significant amounts in the quarter ended March 31, 2010, did not wager comparable amounts during the quarter ended March 31, 2011," the report said.
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